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CAPITAL GOODS: Honeywell (HON A2[P]/A/A): Advanced Materials Spinoff

CAPITAL GOODS
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Credit neutral. An unsurprising move by Honeywell which is actively shifting its portfolio. It has been clear on capital allocation plans which remains intact.

  • As reported by the WSJ earlier, Honeywell announces plans to spin off its Advanced Materials business (specialty chemicals) to shareholders by early 2026.
  • This aligns with its aim to optimise its portfolio around automation, aviation and energy transition.
  • It says the move will improve financial flexibility to pursue organic growth, presumably by removing capex needs for that division.
  • EBITDA margins are unaffected. We await details on capital structure, base case is credit neutral.
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Credit neutral. An unsurprising move by Honeywell which is actively shifting its portfolio. It has been clear on capital allocation plans which remains intact.

  • As reported by the WSJ earlier, Honeywell announces plans to spin off its Advanced Materials business (specialty chemicals) to shareholders by early 2026.
  • This aligns with its aim to optimise its portfolio around automation, aviation and energy transition.
  • It says the move will improve financial flexibility to pursue organic growth, presumably by removing capex needs for that division.
  • EBITDA margins are unaffected. We await details on capital structure, base case is credit neutral.